Filing your income tax return is less about the form and more about the decisions behind it: the right regime, the right deductions and the right timing. Get those three correct and your ITR is not just compliant, it's optimised. Here's how it works for 2026.
- Your income sources decide your ITR form (ITR-1 to ITR-4).
- Compute tax under both the old and new regime — the winner changes with your deductions.
- Claim every eligible deduction (80C, 80D, HRA, home-loan interest, NPS).
- File by 31 July (non-audit) to avoid the 234F late fee and interest.
Millions of Indians file late, file wrong, or overpay simply because no one walked them through the choices. This guide does, whether you're salaried, a freelancer or running a business.
Which ITR form applies to you?
- ITR-1 (Sahaj): salaried individuals with income up to ₹50 lakh from salary, one house property and other sources.
- ITR-2: individuals with capital gains, more than one house property or foreign income, but no business income.
- ITR-3: individuals and professionals with income from a business or profession.
- ITR-4 (Sugam): presumptive income for small businesses and professionals under sections 44AD, 44ADA or 44AE.
Picking the wrong form is one of the most common reasons returns get marked defective. If you're unsure, our ITR filing service selects and files the correct one for you.
Old regime or new regime?
The new regime offers lower slab rates but strips out most deductions; the old regime keeps deductions but taxes at higher rates. There's no universal winner, it depends on how much you invest and claim.
You can model your liability under both regimes with our income tax calculator in a couple of minutes.
Deductions worth claiming
- Section 80C (up to ₹1.5 lakh): EPF, PPF, ELSS, life insurance, principal on a home loan and tuition fees.
- Section 80D: health insurance premiums for yourself and your parents.
- HRA exemption: for salaried employees paying rent.
- Section 24(b): up to ₹2 lakh of interest on a home loan.
- Section 80CCD(1B): an extra ₹50,000 for NPS contributions.
“The biggest refunds don't come from aggressive claims, they come from reconciling your 26AS and AIS carefully so nothing eligible is left on the table.”
Deadlines and penalties
- 31 July: due date for individuals not requiring an audit.
- 31 October: due date for audit cases.
- Belated return: allowed later with a late fee under section 234F and interest, so filing on time genuinely saves money.
Old regime vs new regime
| Old regime | New regime | |
|---|---|---|
| Slab rates | Higher | Lower |
| Deductions | Most allowed | Mostly removed |
| Best for | High 80C/80D/HRA claims | Few deductions |
Frequently asked questions
Which ITR form should I use?
It depends entirely on your income sources. See our detailed guide on choosing the right ITR form.
Can I switch between the old and new regime each year?
Salaried taxpayers can generally choose each year. Those with business income face restrictions on switching back. Compute both before deciding.
What if I miss the 31 July deadline?
You can file a belated return later with a late fee under section 234F and interest, so filing on time genuinely saves money.
A well-filed return is CA-reviewed, matched to the department's data and filed before the deadline. That's exactly what our income tax services deliver, maximised refunds, notice-safe filings, done in a day or two.
